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Neelachal Ispat Sends SOS

 Neelachal Ispat Nigam Limited (NINL) has sent SOS to the State Government for its survival.

With NINL is in dire straits, the Management of the Public Sector Undertaking (PSU) has approached for active intervention of the Odisha Government for running the Steel Complex.

NINL Management has requested the State Government for for short term loans and supply of iron ore to the plant to run the Steel Complex, on which over 10,000 people’s livelihood is dependant directly and indirectly.

NINL Steel Complex at Kalinga Nagar is facing severe financial crunch and due to liquidity problem, Blast Furnace has been shut down since last week of July.

However Coke Oven and Power Plant is running with less capacity. While Coke Oven is running at 40 Percent capacity, Power Plant is running at 20 Percent Capacity.

In the meantime, Government of India has decided to disinvest NINL and State Government has also agreed for such an initiative with a demand not to allow the plant to shut down.
 
Once Plant is allowed to shut down totally, it will need another two years and over Rs.500 Crore to start the steel Complex again.

Under this backdrop, the management has approached the State Government, which is one of the major shareholders, to help out NINL in the transition period of disinvestment process, which will take more time.

Unless funds are mobilized to run the plant, then there will be huge loss to the promoters.

Odisha Government in IPICOL, OMC and Union Government in MMTC and other Central PSUs are promoters of the Steel Complex.

Once the plant is closed down then suppliers and creditors will be moving to National Company Law Tribunal (NCLT) for filing cases for their dues and Banks will move to NCLT for payment of their interest and instalments.

Similarly payment of statutory dues of water bill, power bill, taxes will be a big problem and authorities will be forced to take coercive action on NINL, apprehend the insiders.

Once the plant will be inoperative, then technical problems will arise and this will result in huge loss, admits an insider.

And most importantly, non operation of iron mines will directly be a loss to the State Government.

Due to sincere efforts of the State Government Captive iron Ore Mines has been made operational and it is a huge asset for the NINL.

Banks are now not in a mood to cooperate with NINL and the Steel Complex is facing liquidity problem.

Under this backdrop, NINL has approached the State Government to provide short term loans for running the plant.

And it has requested to ask OMC for providing raw material of iron ore to NINL on credit basis so that plant will be able to run.

Now as the State Government is worried for NINL, the request from the PSU has put the ball in the Court of Odisha Government, so that Steel Complex can be saved from a disaster, said a senior officer of NINL. 


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